EurAud has had a decent move to the upside and currently there is more room to go higher in my opinion. Following a good impulsive move IF we get a pullback into that zone we can look to carry on higher or for a retest of the highs at least.
Short term buy after a retest of this broken resistance now support. if so then this should reach up to major highs and also filling in this rising wedge to then begin to show signs of any reversals. We will only sell once we see price break a few support areas and also this large pattern.
Simple really, I got this chart up and it took me 30 seconds to spot this level, Drawn on are orange arrows where price has tested and respected this level as support, it really is not hard to see at all.
So price has already touched this level and bounced slightly, we have set some orders around our support line so if price comes back down to this line our...
Purple arrows = resistance
Orange arrows = support
You can see where price has been respecting our zone as support and resistance... its that's time again, price is currently in our zone so we are expecting a bounce and some movement to the upside to end the week with a strong push... Lets make that money for a Saturday night out on the town ;p CHAMPAGNE ANYONE? haha
as you can see price is now testing a key resistance zone that in the past stopped the price from rising. Now it could turn into support for the new uptrend: therefore, i've lowered my timeframe and entered with a stops below the low, because you can see there's a small double bottom with RSI divergence and engulfing candle. Targets as shown.
i'm ready to go long in this market and here i'll explain you why. On the daily chart, we've recently broken a major resistance level and when price broke that level it wasn't immediately pushed back by sellers but calmly came down to that former resistance as if sellers weren't strong enough to turn that break into a false breakout. With these...